Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.21.1
Commitments and Contingencies (Tables)
 3 Months Ended
Apr. 01, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Components of Lease Expense
The table below presents components of lease expense for operating leases.
Thirteen Weeks Ended
in thousands Classification April 1, 2021 March 26, 2020 (3)
Fixed operating lease cost: Selling and store operating $ 28,768  $ 24,933 
Cost of sales 5,660  5,674 
Pre-opening 1,635  2,191 
General and administrative 1,029  1,018 
Total fixed operating lease cost $ 37,092  $ 33,816 
Variable lease cost (1): Selling and store operating $ 9,776  $ 7,938 
Cost of sales 1,408  1,084 
Pre-opening 68  84 
General and administrative 22  27 
Total variable lease cost $ 11,274  $ 9,133 
Sublease income Cost of sales (597) (597)
Total operating lease cost (2) $ 47,769  $ 42,352 
(1) Includes variable costs for common area maintenance, property taxes, and insurance on leased real estate.
(2) Excludes short-term lease costs, which were immaterial for the thirteen weeks ended April 1, 2021 and March 26, 2020.
(3) To conform to the current period presentation, the presentation of the components of operating lease expense for the thirteen weeks ended March 26, 2020 has been updated within this table to provide disclosure of variable lease costs and additional information related to the classification of operating leases within the Condensed Consolidated Statements of Operations and Comprehensive Income.
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases
Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of April 1, 2021 were as follows:
in thousands Amount
Thirty-nine weeks ending December 30, 2021 $ 136,002 
2022 141,430 
2023 140,051 
2024 137,182 
2025 128,248 
Thereafter 748,306 
Total minimum lease payments (1) (2) $ 1,431,219 
Less: amount of lease payments representing interest 376,993 
Present value of future minimum lease payments 1,054,226 
Less: current obligations under leases 79,041 
Long-term lease obligations $ 975,185 
(1) Future lease payments exclude approximately $108.0 million of legally binding minimum lease payments for operating leases signed but not yet commenced.
(2) Operating lease payments include $67.6 million related to options to extend lease terms that are reasonably certain of being exercised.